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Provisional Tax - Coggle Diagram
Provisional Tax
Basic amount
TI last assessed year
Received > 14 days from date of payment (else use prior year)
Deduct
taxable capital gains (s26A)
taxable lump sums
taxable retirement/severance benefits
Escalation
8% p.a (simple interest)
18 months after end. of last YoA
Individual
First Payment
Estimated TI
1) Calc. tax payable (p/tables)
2) Deduct rebates
3) Divide by 2
4) Deduct employees tax (6 months)
5) Deduct 6A & 6B rebates
6) Pay over to SARS
Second Payment
Estimated TI
1) Calc. tax payable (p/tables)
2) Deduct rebates
3) Deduct employees tax (full year)
5) Deduct 6A & 6B rebates
6) Pay over to SARS
4) Deduct 1st Prov payment
Second Payment
Actual TI
1) Calc. tax payable (p/tables)
2) Deduct rebates
3) Deduct employees tax (full year)
5) Deduct 6A & 6B rebates
6) Pay over to SARS
4) Deduct 1st & 2nd Prov payment
Company
First payment
Estimated TI
1) Calc. tax payable (27%)
2) Divide by 2
3) Pay over to SARS
Second payment
Estimated TI
1) Calc. tax payable (27%)
2) Deduct 1st Prov payment
3) Pay over to SARS
Third payment
Actual TI
1) Calc. tax payable (27%)
2) Deduct 1st & 2nd Prov payment
3) Pay over to SARS
Payments
Individual
2nd payment: 28 Feb (After another 6 months)
3rd payment: 30 Sep (After another 7 months)
1st payment: 31 Aug (After 6 months)
Company
1st payment: After 6 months
2nd payment: After another 6 months
3rd payment: After another 6 months
Penalties